Takaya Nakamura, a board member of the Fisco Japanese Cryptocurrency Exchange, believes Japan is far behind in creating its own central bank digital currency and should cooperate with the United States
The Japanese government is about to incorporate its CBDC into its economic plan, but the country is well behind China, which is at the forefront and is already testing the digital yuan on a massive scale.
Nakamura stated that in the global race for a position in creating a digital currency, Japan’s role should be to induce the United States to become more seriously involved in CBDC.
“Japan no longer has the power to do something on its own, so it is understandable that they want to cooperate with other advanced countries and influence the development of digital currencies.”
The Bank of Japan has already entered into cooperation with the Central Banks of Great Britain, the euro area, Canada, Sweden and Switzerland in the field of digital currency testing. The United States has not yet expressed its position on this matter.
“I think Japan is hoping the United States will move forward and block the development of the digital yuan through the digitization of US dollars.”
– Nakamura stated.
When will the United States create the digital dollar?
Last month, Federal Reserve Chairman Jerome Powell did not reveal any concrete progress on the development of the digital dollar. However, before the financial services committee in Parliament, he stated:
“If this is to be good for the US economy and the global currency reserve, which is the dollar, then we must be there and we must understand it first.”
In the face of fierce rivalry between the US and China and the rapid development of CBDC in the middle state, Nakamura believes that creating a digital dollar is only a matter of time.
Another possibility would be to use a revised version of Facebook libra. In April, Libra changed the white paper to conform to US regulations.